RIYADH: The UK is planning on extending the price cap for energy bills to help households deal with rising energy costs. Meanwhile, Spanish wind farms and sun-powered plants have accounted for a record percentage of the electricity generation during last month.
Europe’s Rotterdam port has raised the amount of hydrogen it will be able to deliver by 2030, and BMW has plans to switch to low-cost batteries amid increasing raw materials prices.
Looking at the bigger picture:
·The UK has announced that it will extend its price cap for energy bills beyond 2023, in an attempt to cushion 22 million homes from rallying prices, Bloomberg reported.
This move, which is part of the government’s Energy Security Bill, aims to pave the way for carbon neutrality in the country, while keeping energy affordable for consumers.
·Spanish wind farms and solar power plants accounted for a record 40 percent of the European country’s electricity grid during the month of April, amid high wind, as well as an increase in installed capacity.
While wind farms supplied as much as 26.2 percent of the country’s electricity, solar-powered plants supplied up to 14.1 percent, Reuters reported citing environmental non-profit think tank Ember Climate.
·North China liquified natural gas imports are forecasted to plunge 45 percent through the month of August, amid virus restrictions and soaring prices, Bloomberg reported.
Through a micro lens:
·Europe's largest seaport, Rotterdam port, has tripled its forecast for the amount of hydrogen it will be able to transport to northwest Europe per year by 2030, Reuters reported.
Given the ongoing plans and projects by firms in the port area and exporting countries, the port will be able to deliver up to 4.6 million tonnes of hydrogen by 2030.
·German luxury vehicles company BMW AG has announced that it will be switching to lower cost batteries for its new electric vehicle platform, delivering a 30 percent drop in costs in the process, Bloomberg reported, citing individuals familiar with the plans.
This comes as carmakers worldwide struggle to combat soaring raw materials costs.